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How to Close a Dollar Savings Direct Account

As I slowly creep towards a simplified personal finance system, I take aim at an account that has treated me fairly well over the years – my Dollar Savings Direct high yield savings account [3]. Dollar Savings Direct used to have extremely good rates back in the day but the years have not been kind to the online arm of the NY-based Emigrant Bank. It’s taken me this long to close the account because I had a pair of 16-month CDs waiting to mature (the last of which matured this month) and it was only a matter of time before the account got the axe.

Closing an account at Dollar Savings Direct can be completed entirely online, though their website doesn’t explain how, and is pain-free. (as an aside, their customer service number goes directly to a human being, so calling is easy too but you can’t close an account over the phone)

How to Close a Dollar Savings Direct Account

  1. Transfer all of your funds out of the account into your transfer account. I waited to close until my CDs matured so I wouldn’t take an interest penalty (and they were paying a healthy interest rate). Once the funds are transfered, you need to email customer service.
  2. Click on the Customer Service tab (at the top), and compile a new message.
  3. Select any one of the subject choices, it doesn’t matter, and write a message indicating your desire to close the account. I put simply – “I would like to close all my accounts. Regards, Jim”
  4. For account, choose the savings account (my CDs are shown in the list but the accounts were already closed) and send the message.

According to the CSR, if you close your account in the middle of a month, you forfeit that month’s interest.

You should get a response shortly indicating your account closing. That’s it!